Will Gold hit 1000 before the year runs out - forex live trading room reviews

Will Gold hit 1000 before the year runs out ~ forex live trading room reviews

In recent weeks, Gold has been trending down rapidly breaking barriers along the way. Will this dip continue? Well its just a matter of time.

Going by the weekly chart,price broke out of a triangle in high momentum after 14 months of formation. This triangle marked the successful completion of wave 4 .

 Price is running down to complete this impulsive move which could end at 1000 ( the next support) before the year runs out

The intra day (H4) chart is not contradicting the bearish move. The bearish move that happened immediately after the triangle formation has successfully completed three waves.

 Presently, its enclaved in the triangle of its own which will be completed at the successful break of the lower boundary of the triangle.

In the other way, price might break the upper boundary of the H4 triangle to test the resistance at 1240 thereby forming a zigzag corrective pattern instead of the current triangle before resuming the bearish move.

The breakout of the H4 triangle is very important to what corrective pattern we could have. A break below it will make gold dip and head to 1000 while a break above it will test 1240.

As price moves further, i will keep an update. Dont be far.

Let me add you to my mailing list to alert you of my latest findings.Send your e-mail to forexmaster05@yahoo.com

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Cadchf Escape Route - gft forex trading reviews

Cadchf Escape Route ~ gft forex trading reviews

Trade management is one of the essentials of profitable trading. This is an art that has been mastered by the masters in the business of speculation, trading and forecasting of financial instrument. 

A profitable traders gets along with the trade and take quality unbiased and unemotional decisions along the way.

I posted an analysis of cadchf yesterday, 28th October, when I forecast the long term and short term of this currency pair. You can read the analysis again.

I opted for a short position and presently price has consolidated upward since then. Well I have my trade management in place. I deem it fit to post here because someone could have taken the same decision. 

Am I getting out of the short position?  NO!. 

The bears still have a good chance; the recent bullish triangle formed on the intra day charts could just be the second wave of the expected 5-wave impulsive move downside to complete the B leg of the probable zigzag correction I discussed yesterday and this will hold if price does not break above the first wave.

I expect price to dip from the current level to the zones I highlighted.

Conversely, if price broke the triangle upside, I may exit my short position as market could be on its way to form an intraday impulsive move downside according to the chart below

More update to come later as price show us where its heading to.

I maintain a bearish short term bias and a bullish long term bias until price proves me wrong.

You can connect with me, check my contact

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